Can you believe that almost 70% of households in America own at least one pet?
When trying to find tenants for your rental properties, pets can often be a hurdle. This is why it's a good idea to prepare for this ahead of time and decide on a course of action.
Are you wondering what you should do? Keep reading to learn all about pets in a rental property with this guide to the pros and cons.
Pro: More Tenants Available
Since there are more tenants with pets than without pets, you'll have a much easier time finding people to fill your rental properties if you allow pets on the premises.
The longer you have an empty apartment, for instance, the more money you'll lose over time. This is why it's worth considering increasing the potential pool of tenants.
Con: Potential Property Damage
Are you still wondering if you should allow pets in rental houses?
One downside of allowing pets is that they can end up damaging the property within a given apartment. If you have your tenants sign a waiver, then you can charge them for the cost of replacing whatever has sustained damage.
This is something your property manager can handle with ease.
Pro: You Can Charge Higher Rent
When it comes to the benefits of pets in a Raleigh, North Carolina rental property, you can get more for each rental because you're providing tenants with a bonus convenience. There are many places that don't accept pets so that limits the options available for people who have them.
Since you're accommodating their lifestyle, that can be reflected in the price of the rent.
In terms of the pros and cons of pets in rental properties, there's the possibility that a bunch of pets can cause the properties to become noisy. This is something that could be off-putting to potential tenants.
Instead of allowing barking and squeaking pets, you should give tenants a waiver that promises they'll ensure their pet is quiet and comfortable. Most pets are well-behaved so you can handle this issue with the right management.
Pro: More Reliable Tenants
Since a pet often requires as much care as a human child, pet owners are often more responsible than people who don't own pets. This temperament can extend to their habits in general.
For instance, there's a higher chance they'll pay their rent on time.
Are You Ready to Handle Pets in a Rental Property?
Now that you've learned all about pets in a rental property with this guide, you can decide what's best for your business. With a plan in place, you can make sure everything goes as smoothly as possible no matter what you decide on.
We can provide you with comprehensive property management services at an affordable price. Aside from handling pet regulations, we can also screen tenants, market the property, collect rent, and so much more.
Feel free to contact us with questions about our highly-rated services. We're always happy to help out our clients.